GST - Malaysia Goods and Services Tax

Apa sahaja barang dan perkhidmatan yang digunakan oleh pengguna mengandungi elemen cukai. Ia juga dikenali sebagai cukai kepenggunaan (consumption tax). Dalam erti kata yang lain, asasnya jauh lebih luas daripada Cukai Jualan dan Cukai Perkhidmatan yang ada sekarang.

Semua rakyat Malaysia hendaklah bersedia untuk membayar tambahan 4% untuk semua barangan dan perkhidmatan yang dibeli dan digunakan. Adakah benar dengan memperkenal dan menguatkuasakan GST akan menurunkan cukai personal dan corporate masih menjadi tandatanya (MIER) atau cukai tersebut akan naik sedikit demi sedikit.


GST – Malaysia Goods and Services Tax in Year 2011 - Published: December 6th, 2009

On 24 November 2009, Malaysia Prime Minister, Dato’ Sri Mohd Najib Tun Abdul Razak had announced that a bill relating to the proposed introduction of GST – Goods and Services Tax will be tabled at the end of the current Parliament Sitting. For your info, Goods and Services Tax will be implemented starting 3rd quarter of year 2011. Therefore, all Malaysian have to prepare yourself to pay 4% extra for everything you buy or service.

What is GST? GST, a multi-stage consumption tax, is based on consumption rather than earnings and can be charged on virtually all supplies of goods and services. The proposed implementation of GST will replace the current Malaysian service tax and sales tax.

Broadly, GST works by offsetting GST paid on purchases (input tax) against GST due on sales or supplies made (output tax). This is referred to as the credit offset mechanism. The multi tier stages of tax helps to ensure that GST paid by businesses for purchases does not end up being a permanent cost. However, the consumer ultimately bears the burden of the tax.

How GST affects businesses? Where GST is implemented, the taxpayer must be registered with the Royal Malaysian Customs once the taxpayer achieves a certain prescribed annual sales turnover. The registered taxpayer would also be required to submit periodic GST returns. If the output tax is greater than the input tax, the taxpayer will have to pay the excess. Conversely, if the input tax is greater than the output tax, the taxpayer could seek a refund from the Royal Malaysian Customs.

In addition to the compliance requirements above, taxpayers would be required to undertake additional administrative work which includes, amongst others, keeping track and recording all input taxes paid, undertaking reconciliations and filing of GST returns.

How does GST work? Conceptually, GST is imposed on the value added to goods or services by each separate processor in the production and distribution chain. This can be seen in the simple illustration below.

What do YOU need to do? At this point in time, the issues in relation to GST that businesses should consider include:
�The additional record keeping requirements that GST will impose and your IT systems ability to handle this.
�The likely GST treatment for your products/services and the impact on pricing strategies.
�The impact of GST on long term contracts.
�The GST cost of outsourcing versus internal supply.
�Timing of purchases pre and post the implementation of GST.
�Impact of GST on benefits-in-kind to staff and provision of samples and gifts.
�The need to educate your staff and customers on GST issues and compliance.

Conclusion:
What do you think about GST – Goods and Services Tax? Should it be implemented in our country? Are Malaysian ready to pay for the extra tax? What say you?
http://www.money4invest.com/gst-malaysia-goods-and-services-tax-in-year-2011/


Ramai sokong GST ditangguh
Pelbagai pihak menyifatkan penangguhan pelaksanaan Cukai Barangan dan Perkhidmatan (GST) sebagai keprihatinan kerajaan dalam mengenal pasti tahap kesediaan masyarakat perniagaan di negara ini menghadapi amalan itu. Kementerian Kewangan mengumumkan penangguhan pelaksanaan GST bagi membolehkan masyarakat perniagaan tempatan membuat persiapan mencukupi.

Penangguhan ini pastinya turut memberi ruang kepada kerajaan mengemas kini prosedur dan tindakan yang perlu diambil seiring pelaksanaan GST, manakala syarikat mempunyai masa untuk melengkapkan persiapan seperti menentukan sistem terbaik dari segi penyimpanan resit dan sebagainya. Kerajaan perlu memberi latihan mencukupi berhubung beberapa prosedur GST yang perlu dipatuhi sebelum GST dilaksanakan,? katanya sambil mengakui Pikom memandang berat hakikat perniagaan kecil yang tidak mempunyai sistem khusus bagi urus niaga berkomputer (BH).
http://www.gstmalaysia.com:9080/gstproj/gstsearch.jsp?keyword=NEAC%20,%20Ramai%20sokong%20GST%20ditangguh%20,%202006-02-27